Both the parametric and non-parametric t-statistics in Panel B of Table 8.1
suggest that the shareholders react to the announcement of bonus proposals at the
event dates significantly in suitable directions. The t-values of small-bonus stocks
are below -1.96 or -2.58 at event dates 0 and +1, which illustrates that the
small-bonus proposals represent unfavourable information at conventional levels of
significance. Meanwhile, the t-values of middle-bonus and large-bonus stocks are
larger than +1.98 or +2.58 at the event date 0 or at alternative event date -1. This
implies that the middle-bonus and large-bonus proposals are ...
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